The price works out to more than S$1.94 million per key for the 134-room hotel on Robinson Road in Singapore's central business district.

The buyer is a family office while the seller is Sunray Singapore, an investment company controlled by the Tan family of Sunray Group fame, EdgeProp Singapore reported.

The boutique hotel is close to several international financial institutions and multinational companies, as well as entertainment and lifestyle offerings such as Marina Bay Sands.

It sits on a 1,860-square-meter site and has a total gross floor area of 7,450 square meters. Rooms range between 24-92 square meters in size. It has 45 years left on its 60-year lease, which expires in 2071.

The QT Singapore hotel in Singapore. Photo from CBRE's website

Sunray had purchased the hotel in late October 2023 for an estimated S$170-180 million and subsequently spent S$15 million to refurbish and rebrand it under QT Hotels & Resorts in 2024. The QT brand is owned by Australian hospitality group EVT.

The property was previously marketed for sale last October at an undisclosed asking price, with consultancies CBRE and JLL serving as marketing agents, The Business Times reported.

Prior to its rebranding, the property operated as Hotel Telegraph, a luxury boutique hotel housed in a colonial-era building.

The conserved building was built in 1927 and originally served as the headquarters of the Eastern Extension Telegraph Company. It later housed advertising agency Ogilvy & Mather before it was converted into a hotel in the 2010s.

TIME included QT Singapore in its The World's Greatest Place of 2025 list, which the magazine said featured one-of-a-kind spots and experiences around the globe.

It noted factors such as the hotel's history and its proximity to Lau Pa Sat, one of Singapore's most renowned hawker centers which was featured in the 2018 film "Crazy Rich Asians."

Sunray Group, a Singapore-based building and interior fit-out specialist, is responsible for the interiors of mega-projects in Singapore like Marina Bay Sands, Resorts World Sentosa and Jewel Changi Airport. It started as a small family business in 1987 and is currently helmed by second-generation leader Charles Tan, according to CNA.